THE X FACTOR: HOW PRIZE MONEY CAN DRIVE INNOVATION

摘要

Major technological breakthroughs in the international aerospace community have generally come as a result of government-run or -funded activities. However, as demonstrated by countless prizes dating back hundreds of years, incentive prize programs have a proven ability to generate breakthroughs as well, driving not just technological improvements, but regulatory maturity, financial market interest, and public perceptions. This paper will recap some important prize history, discuss the impact of incentive prizes on the international aerospace community, and call attention to ongoing incentive prizes relevant to the industry. Additionally, the paper will discuss the advantages and the limitations of the incentive prize model.